Whether you are purchasing or refinancing, South Shore will structure your financial state to achieve the plans you’ve always wanted. At South Shore Mortgage, we provide Conventional loans with low down payment options available for those looking to buy a new home. With opportunities starting with as little as 5%** down, your are closer than ever to home ownership.
Get sound financial advice from a certified institution. We provide The Home Affordable Refinance Program (HARP) , which gives us the ability to refinance, regardless of credit or value of your home.
Choose the rate that is best for you. Our qualified staff is more than happy to explain the long-term and short-term benefits to help you make sound financial decisions. Whether you want to take money out of your home or are looking for debt consolidation, we are the company for you!
Get the appropriate guidance that works in your favor. Our company thinks of what is more convenient for you. All processing is done in house and takes about 30 days from start to finish. Our proficient staff can take the application over the phone or you can come in the office.
We send everything through priority mail for you to sign and provide UPS envelope for you to send back to us or, if you prefer, do it electronically to expedite the process. Once we receive your signature, we will shop for you to find the best rate and send someone to your home to sign the documents to finish the close.
Low-Rate FHA Financing
Don’t let credit issues stop you from purchasing your Dream Home. At South Shore Mortgage, we are an Approved Government Lender. FHA Financing allows you the flexibility of as little as 3.5%* down. FHA also allows seller’s concession of up to 6% and gift funds of 100% to afford you the opportunity for homeownership.
The interest rate on your mortgage is tied directly to how much you pay on your mortgage each month–lower rates usually mean lower payments. You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved. A lower interest rate also may allow you to build equity in your home more quickly.
FHA Streamline Re-Finance
FHA has permitted streamline refinances on insured mortgages since the early 1980s. The basic requirements of a “Streamline Refinance” are:
- The Mortgage must be FHA Insured
- The mortgage to be refinanced should be current (not delinquent).
- The refinance results in a lowering of the borrower’s monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
- No cash may be taken out using the streamline process.
- South Shore offers the Streamline as a no out-of-pocket expenses to the borrower.
VA’s Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100% of the value of your home.
*Example FHA is a purchase for $200,000 with 3.5% as a down payment or $7,000,Interest rate is an example at 4%, 4.855% APR 30 years. Minimum FICO 620.
**Example Conventional purchase for $200,000 with 5% as a down payment or $10,000, interest rate is an example at 4.5%, 4.871 APR, 30 years. Minimum FICO 660.